South Korea watchdog launches probes into battle to control Korea Zinc (updated)

YoungPoong

08/10/2024 03:43

(Adds comments, context)
       SEOUL, Oct 8 (Reuters) - The chief of South Korea's
Financial Supervisory Service on Tuesday ordered a probe into
tender offers for Korea Zinc  010130.KS  shares to monitor for
any unfair trade practices, the financial watch dog said in a
statement. 
    Governor Lee Bok-hyun urged the parties of an ongoing battle
for control to refrain from spreading rumours and other unfair
practices to interfere with offers from the other side,
according to the statement. 
        Lee also said there were concerns about investor losses
as too fierce price competition could undermine shareholder
value in the long run.
  
        The regulator's comments came after Private equity firm
MBK Partners and Young Poong  000670.KS  on Friday raised their 
    offer price
     for the second time to match a counteroffer from rival
family members and Bain Capital.
  
        Shares of Korea Zinc, the world's biggest refined zinc
producer, have risen 13% so far this month, after a 29% surge
last month, and are trading at record-high levels.
  

 (Reporting by Jihoon Lee
Editing by Ed Davies)
 ((jihoon.lee@thomsonreuters.com;))